Jennifer Bittel Derby of Tucker Arensberg. Courtesy photo Choosing Your Fiduciaries—Important Considerations to Make
Part of the role of an estate planning attorney is to assist the client with both the important legal aspects, as well as the emotional aspects, of finalizing their estate plan. This involves a critical discussion regarding choosing fiduciaries, but only after educating the client regarding the role of each individual fiduciary.
February 05, 2023 at 12:05 PM
7 minute read
Something that I am consistently surprised by in practicing law is how many clients delay the process of estate planning. As a lawyer with a degree in psychology, I am interested in the reason why many individuals, couples, and families have a difficult time "getting around to" their estate planning. Statistically speaking, most of my clients fall into one of a few limited categories causing their estate planning delay. One of these includes the emotional complexity of having the conversation in the first place. It is not an easy subject to discuss, and emotionally speaking, humans do not enjoy having these tough conversations. Another common reason is that choosing fiduciaries under estate planning documents is not an easy task. Part of the complexity around choosing an executor, trustee, agent, or guardian is that the client often does not understand the role of each fiduciary and how they differ. Additionally, the task of choosing a fiduciary is an emotionally complex concept involving concerns of potential hurt feelings, financial and emotional stability, location, availability, cost and experience.
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